Right to manage
The Commonhold & Leasehold Reform Act 2002 gave Lessees unhappy with the management of their block the automatic right, subject to there being enough qualifying participants, to appoint their own Managing Agents.
Back in 2003, when the legislation came into force, we were involved with one of the very first Right to Manage applications in the country. We still manage that block to this day. Since then, we have been appointed by other Right to Manage Companies, one of which is in respect of the prestigious Grade II Listed former Metropolitan Water Board building, located close to Sadler’s Wells Theatre. Our experience with RTM Companies is that they are largely successful, allowing Lessees to take control of the day to day management of their blocks. However, in a world where increasing Regulations and Legislation applies, the management of property is no longer something that should be undertaken by untrained individuals. We strongly believe that professional Managing Agents should be employed…..and please make sure that whoever you choose is regulated by either The Association of Residential Managing Agents (ARMA) and/or The Institution of Chartered Surveyors (RICS).
Remember that your home is almost certainly the most expensive thing you will ever buy and if managed properly should lead to greater desirability and (hopefully) higher values. The Right to Manage process is relatively straightforward, but there are conditions to meet and pitfalls to watch our for. If you are thinking about going down the route of Right to Manage, feel free to contact us for an initial informal chat. We work closely with solicitors familiar with the process, so there’s no need to be afraid. We can help.